Is It Over? Elon Musk Seemingly Breaks Up With Bitcoin In A Tweet

Elon Musk’s latest tweet may indicate that he is done with Bitcoin for good.

The Tesla CEO tweeted a meme on Thursday evening that sent the price of Bitcoin down over 6.5% early Friday morning to a price of $36,706, according to CoinMarketCap.

The tweet from Musk was hashtagged #Bitcoin and accompanied with a broken heart emoji. It also had a meme showing a couple breaking up that referenced a Linkin Park lyric that said, “So in the end it didn’t even matter.”

The post suggests that Musk has possibly broken up with Bitcoin, and after recent moves from the billionaire, it comes as no surprise.

Last month, Musk withdrew the ability to purchase electric vehicles from Tesla with the cryptocurrency after investing 1.5 billion in Bitcoin to make it possible for customers to do so in February 2020.

But it didn’t come at a loss for Tesla, which bankrolled $2.5 billion at the end of March 2021 from the currency investment and has said it will not sell any Bitcoin for the time being as it waits for more sustainable mining efforts.

Musk has also made it clear that he is a strong supporter of Dogecoin. He has promoted the Shibu Inu coin on Twitter in numerous posts in recent months, calling it the “people’s crypto” and asking his 56.5 million followers if they want Tesla to accept Dogecoin for payment of EVs.

Upon Musk’s Bitcoin breakup tweet, Dogecoin was down over 13% early Friday morning to about $0.36, according to CoinMarketCap.

Other cryptocurrency prices were also down for the morning.

This is not the first time that Musk has move the price of the market with a tweet in what has been referred to as the “Musk Effect.”

In 2021 alone, he has referenced a series of companies in tweets that have sent their share prices soaring. Musk has tweeted about Etsy, Signal, GameStop, Shopify, and Cyberpunk’s CD Projekt - to name a few.

On Tuesday, he tweeted about the children’s song “Baby Shark,” sending the tune’s publisher, Samsung Publishing’s shares up as much as 10% in regular trading on Wednesday, with gains that reached close to 6.29%, CNBC reported.